SHANGHAI, Nov. 13, 2017 /PRNewswire/ -- Jupai Holdings
Limited ("Jupai" or the "Company") (NYSE: JP), a leading
third-party wealth management service provider, focusing on
distributing wealth management products and providing quality
product advisory services to high-net-worth individuals in
China, today announced its
unaudited financial results for the third quarter and nine months
ended September 30, 2017.
THIRD QUARTER AND FIRST NINE
MONTHS 2017 FINANCIAL HIGHLIGHTS
- Net revenues in the third quarter of 2017 were
RMB440.8 million
(US$[1]66.3 million), a 37.5% increase from RMB320.5 million for the corresponding period in
2016. For the first nine months of 2017, net revenues were
RMB1,246.1 million (US$187.3 million), an increase of 57.9% from
RMB789.2 million for the same period
in 2016.
(RMB '000, except
percentages)
|
Q3
2016
|
|
Q3 2016
%
|
|
Q3
2017
|
|
Q3 2017
%
|
|
YoY Change
%
|
One-time
commissions
|
144,025
|
|
45.0%
|
|
265,004
|
|
60.1%
|
|
84.0%
|
Recurring management
fees
|
88,867
|
|
27.7%
|
|
90,697
|
|
20.6%
|
|
2.1%
|
Recurring service
fees
|
31,117
|
|
9.7%
|
|
21,731
|
|
4.9%
|
|
-30.2%
|
Other service
fees
|
56,458
|
|
17.6%
|
|
63,353
|
|
14.4%
|
|
12.2%
|
Total net
revenues
|
320,467
|
|
100.0%
|
|
440,785
|
|
100.0%
|
|
37.5%
|
|
(RMB '000, except
percentages)
|
First Nine
Months of 2016
|
|
First Nine
Months of 2016 %
|
|
First Nine
Months of 2017
|
|
First Nine
Months of 2017 %
|
|
YoY Change
%
|
One-time
commissions
|
447,893
|
|
56.7%
|
|
729,771
|
|
58.6%
|
|
62.9%
|
Recurring management
fees
|
187,529
|
|
23.8%
|
|
252,221
|
|
20.2%
|
|
34.5%
|
Recurring service
fees
|
97,327
|
|
12.3%
|
|
81,273
|
|
6.5%
|
|
-16.5%
|
Other service
fees
|
56,458
|
|
7.2%
|
|
182,880
|
|
14.7%
|
|
223.9%
|
Total net
revenues
|
789,207
|
|
100.0%
|
|
1,246,145
|
|
100.0%
|
|
57.9%
|
- Income from operations in the third quarter of 2017 was
RMB168.4 million (US$25.3 million), a 46.4% increase from
RMB115.0 million for the
corresponding period in 2016. For the first nine months of 2017,
income from operations was RMB459.8
million (US$69.1 million), an
increase of 129.1% from RMB200.7
million for the same period in 2016.
- Net income attributable to ordinary shareholders in the
third quarter of 2017 was RMB115.7
million (US$17.4 million), a
46.7% increase from RMB78.8 million
for the corresponding period in 2016. For the first nine months of
2017, net income attributable to ordinary shareholders was
RMB318.8 million (US$47.9 million), an increase of 119.4% from
RMB145.3 million for the same period
in 2016.
- Non-GAAP[2] net income attributable to
ordinary shareholders in the third quarter of 2017 was RMB125.9 million (US$18.9
million), a 43.2% increase from RMB87.9 million for the corresponding period in
2016. For the first nine months of 2017, non-GAAP net income
attributable to ordinary shareholders was RMB352.6 million (US$53.0
million), an increase of 105.8% from RMB171.3 million for the same period in
2016.
[1] The
U.S. dollars (US$) amounts disclosed in this press release, except
for those transaction amounts that were actually settled in U.S.
dollars, are presented solely for the convenience of the reader.
The conversion of Renminbi (RMB) into U.S. dollars (US$) in this
press release is based on the noon buying rate on September 29,
2017, as set forth in the H.10 statistical release of the Board of
Governors of the Federal Reserve System, which was RMB6.6533 to
US$1.00. The percentages stated in this press release are
calculated based on the Renminbi amounts.
|
[2]
Jupai's non-GAAP financial measures are derived from adjusting the
corresponding GAAP financial measures by excluding the effects of
share-based compensation and amortization of intangible assets
resulted from business acquisitions.
|
THIRD QUARTER AND FIRST NINE MONTHS 2017 OPERATIONAL
UPDATES
- Total number of active clients[3] during the
third quarter of 2017 was 4,073.
- The aggregate value of wealth management products
distributed by the Company during the third quarter
of 2017 was RMB12.0 billion
(US$1.8 billion), a 1.8% increase
from the corresponding period in 2016. For the first nine months of
2017, the aggregate value of wealth management products distributed
by the Company was RMB38.5 billion
(US$5.8 billion), a 25.1% increase
from the corresponding period in 2016.
Wealth management
products distributed by the Company - breakdown by product
type
|
|
Three months
ended
|
Nine months
ended
|
|
September 30,
2016
|
|
September 30,
2017
|
September 30,
2016
|
|
September 30,
2017
|
Product
type
|
(RMB in millions,
except percentages)
|
(RMB in millions,
except percentages)
|
Fixed income
products
|
9,656
|
81%
|
|
10,085
|
84%
|
19,637
|
64%
|
|
31,580
|
82%
|
Private equity
products
|
1,191
|
10%
|
|
1,327
|
11%
|
7,451
|
24%
|
|
5,261
|
14%
|
Secondary market
equity fund products
|
794
|
7%
|
|
7
|
0%
|
2,897
|
9%
|
|
99
|
0%
|
Other
products
|
182
|
2%
|
|
613
|
5%
|
828
|
3%
|
|
1,603
|
4%
|
All
products
|
11,823
|
100%
|
|
12,032
|
100%
|
30,813
|
100%
|
|
38,543
|
100%
|
- Jupai's coverage network as of September 30, 2017 included 72 client centers
covering 48 cities, up from 65 client centers covering 40 cities,
as of September 30, 2016.
- Total assets under management[4] as of
September 30, 2017 were RMB50.1 billion (US$7.5
billion), a 4.5% increase from June
30, 2017 and a 70.7% increase from September 30, 2016.
Assets under
management - breakdown by product type
|
|
As
of
|
|
September 30,
2016
|
|
September 30,
2017
|
Product
type
|
(RMB in millions,
except percentages)
|
Fixed income
products
|
13,514
|
45%
|
|
28,415
|
57%
|
Private equity
products
|
13,081
|
45%
|
|
18,694
|
37%
|
Secondary market
equity fund products
|
2,232
|
8%
|
|
2,391
|
5%
|
Other
products
|
529
|
2%
|
|
604
|
1%
|
All
products
|
29,356
|
100%
|
|
50,104
|
100%
|
[3]
"Active clients" for a given period refers to clients who purchase
wealth management products distributed by Jupai at least once
during that given period.
|
[4]
"Assets under management" by Jupai refers to the amount of capital
contributions made by the investors to the fund without adjustment
for any gain or loss from investment.
|
"For the first nine months of 2017, Jupai's business continued
to see rapid growth, with significant profit margin expansion,"
said Mr. Jianda Ni, Jupai's chairman
of the board and chief executive officer. "Jupai's net revenues for
the first nine months of 2017 reached RMB1.25 billion, up 57.9% year-on-year, and our
net income attributable to ordinary shareholders rose by 119.4%
year-on-year to RMB318.8 million. We
are confident that the momentum in our profit growth will be
sustained into the fourth quarter of 2017."
"In the third quarter of 2017, our fixed-income products
continued to gain traction with investors. Amid tightening
regulatory requirements in China's
financial industry and more conservative market sentiment, Jupai's
competitive advantages in the fixed-income product category are
increasingly evident, allowing us to identify quality underlying
assets and provide investment products with attractive risk and
return profiles. As we rapidly expand our real estate fixed-income
product line, we have also steadily expanded our offerings for
non-real-estate fixed-income products, and enhanced the revenue mix
of our fixed-income product category. In the first nine months of
2017, the aggregate value of products distributed by Jupai rose to
RMB38.5 billion, a 25.1% increase
year-on-year, as total assets under management increased to
RMB50.1 billion as of September 30, 2017, a 70.7% increase
year-on-year."
"Looking forward, Jupai expects to continue to expand our
business scale, increase our operating efficiency, and prudently
expand overseas and into new business areas such as insurance. As
we focus on our mission of fulfilling customers' investment needs,
we are confident that we will build Jupai into the leading wealth
and asset management brand in China."
Ms. Min Liu, Jupai's chief
financial officer, said, "Jupai continued to grow rapidly over the
first nine months of 2017. As our net revenue reached another
record high level, our income attributable to ordinary shareholders
for the first nine months of 2017 has already surpassed the full
year figure for 2016 by a significant margin. We remain confident
in the outlook for bottom line growth and margins going
forward."
THIRD QUARTER AND FIRST NINE MONTHS 2017 FINANCIAL
RESULTS
Net Revenues
Net revenues for the third quarter of 2017 were
RMB440.8 million (US$66.3million), a 37.5% increase from
RMB320.5 million for the
corresponding period in 2016, primarily due to increases in
one-time commissions. Net revenues were RMB1,246.1 million (US$187.3 million) for the first nine months of
2017, an increase of 57.9% from RMB789.2
million for the same period in 2016.
- Net revenues from one-time commissions for the third
quarter of 2017 were RMB265.0 million
(US$39.8 million), an 84.0% increase
from RMB144.0 million for the
corresponding period in 2016, primarily as a result of an increase
in fee rate compared to corresponding period in 2016. For the first
nine months of 2017, net revenues from one-time commissions were
RMB729.8 million (US$109.7 million), an increase of 62.9% from
RMB447.9 million for the same period
in 2016.
- Net revenues from recurring management fees for the
third quarter of 2017 were RMB90.7
million (US$13.6 million), a
2.1% increase from RMB88.9 million
for the corresponding period in 2016.The slowing growth rate was
primarily attributable to lower management fees charged on fixed
income products. The Company recognized RMB18.1 million (US$2.7
million) and RMB6.6 million
carried interest in the third quarter of 2017 and 2016,
respectively. For the first nine months of 2017, net revenues from
recurring management fees were RMB252.2
million (US$37.9 million), a
34.5% increase from RMB187.5 million
for the same period in 2016. RMB41.6
million (US$6.2 million) and
RMB11.6 million carried interest was
recognized as part of Jupai's recurring management fees for the
first nine months of 2017 and the same period in 2016,
respectively.
- Net revenues from recurring service fees for the third
quarter of 2017 were RMB21.7 million
(US$3.3 million), a 30.2% decrease
from RMB31.1 million for the
corresponding period in 2016, primarily because the Company
provided ongoing services to fewer product suppliers. We expect the
net revenues from recurring service fees will continue to decline
going forward. The Company recognized RMB0.9
million (US$0.1 million) and
RMB5.7 million variable performance
fees in the third quarter of 2017 and 2016, respectively. For the
first nine months of 2017, net revenues from recurring service fees
were RMB81.3 million (US$12.2 million), a 16.5% decrease from
RMB97.3 million for the same period
in 2016. The Company recognized RMB13.7
million (US$2.1 million) and
RMB13.4 million variable performance
fees for the first nine months of 2017 and the same period in 2016,
respectively.
- Net revenues from other service fees for the third
quarter of 2017 were RMB63.4 million
(US$9.5 million), a 12.2% increase
from RMB56.5 million for the
corresponding period in 2016, which primarily due to increases of
sub-advisory fees collected from other asset management companies.
For the first nine months of 2017, net revenues from other service
fees were RMB182.9 million
(US$27.5 million), an increase of
223.9% from RMB56.5 million for the
same period in 2016.
Operating Costs and Expenses
Operating costs and expenses for the third quarter of
2017 were RMB272.4 million
(US$40.9 million), an increase of
32.6% from RMB205.4 million for the
corresponding period in 2016. For the first nine months of 2017,
operating costs and expenses were RMB786.4
million (US$118.2 million), an
increase of 33.6% from RMB588.5
million for the same period in 2016.
- Cost of revenues for the third quarter of 2017 was
RMB173.7 million (US$26.1 million), a 44.4% increase from
RMB120.3 million for the
corresponding period in 2016, primarily due to increases in the
number of wealth management advisors and client managers and their
average compensation. For the first nine months of 2017, cost of
revenues was RMB470.4 million
(US$70.7 million), an increase of
42.1% from RMB331.1 million for the
same period in 2016.
- Selling expenses for the third quarter of 2017 were
RMB74.9 million (US$11.3 million), a 9.8% increase from
RMB68.2 million for the corresponding
period in 2016, primarily due to increases in marketing,
advertising and brand promotion expenses. For the first nine months
of 2017, selling expenses were RMB199.8
million (US$30.0 million), an
increase of 15.8% from RMB172.6
million for the same period in 2016.
- G&A expenses for the third quarter of 2017 were
RMB45.9 million (US$6.9 million), a 28.6% increase from
RMB35.7 million for the corresponding
period in 2016, mainly due to increases in both the numbers of
managerial and administrative personnel and their average
compensation. For the first nine months of 2017, G&A expenses
were RMB143.6 million (US$21.6 million), an increase of 34.5% from
RMB106.8 million for the same period
in 2016.
- Other operating income (government subsidies) received
by the Company in the third quarter of 2017 was RMB22.1 million (US$3.3
million), a 17.6% increase from RMB18.8 million for the corresponding period in
2016. For the first nine months of 2017, other operating income was
RMB27.4 million (US$4.1 million), an increase of 24.5% from
RMB22.0 million for the same period
in 2016. Government subsidies were recorded when received and their
availability and amount depend on government administrative
policies.
Operating margin for the third quarter of 2017 was 38.2%,
compared to 35.9% for the corresponding period in 2016. For the
first nine months of 2017, operating margin was 36.9%, compared to
25.4% for the same period in 2016.
Income tax expenses for the third quarter of 2017 were
RMB47.4 million (US$7.1 million), a 46.4% increase from
RMB32.4 million for the corresponding
period in 2016. For the first nine months of 2017, income tax
expenses were RMB121.8 million
(US$18.3 million), an increase of
114.9% from RMB56.7 million for the
same period in 2016. The increase was primarily due to an increase
in taxable income.
Net Income
- Net Income
-
- Net income attributable to ordinary shareholders for the
third quarter of 2017 was RMB115.7
million (US$17.4 million), a
46.7% increase from RMB78.8 million
for the corresponding period in 2016. For the first nine months of
2017, net income attributable to ordinary shareholders was
RMB318.8 million (US$47.9 million), an increase of 119.4% from
RMB145.3 million for the same period
in 2016.
- Net margin attributable to ordinary shareholders for the
third quarter of 2017 was 26.2%, as compared to 24.6% for the
corresponding period in 2016. For the first nine months of 2017,
net margin attributable to ordinary shareholders was 25.6%,
compared to 18.4% for the same period in 2016.
- Net income attributable to ordinary shareholders per basic
and diluted American depositary share ("ADS") for the third
quarter of 2017 was RMB3.54
(US$0.53) and RMB3.39 (US$0.51),
respectively, as compared to RMB2.45
and RMB2.36, respectively, for the
corresponding period in 2016. For the first nine months of 2017,
net income attributable to ordinary shareholders per basic and
diluted ADS was RMB9.83 (US$1.48) and RMB9.43 (US$1.42),
respectively, as compared to RMB4.53
and RMB4.35, respectively, for the
same period in 2016.
- Non-GAAP Net Income
-
- Non-GAAP net income attributable to ordinary
shareholders for the third quarter of 2017 was RMB125.9 million (US$18.9
million), a 43.2% increase from RMB87.9 million for the corresponding period in
2016. For the first nine months of 2017, non-GAAP net income
attributable to ordinary shareholders was RMB352.6 million (US$53.0
million), a 105.8% increase from RMB171.3 million for the same period in
2016.
- Non-GAAP net margin attributable to ordinary
shareholders for the third quarter of 2017 was 28.6%, as
compared to 27.4% for the corresponding period in 2016. For the
first nine months of 2017, non-GAAP net margin attributable to
ordinary shareholders was 28.3%, as compared to 21.7% for the same
period in 2016.
- Non-GAAP net income attributable to ordinary shareholders
per diluted ADS for the third quarter of 2017 was RMB3.69 (US$0.55),
as compared to RMB2.63 for the
corresponding period in 2016. For the first nine months of 2017,
non-GAAP net income attributable to ordinary shareholders per
diluted ADS was RMB10.42 (US$1.57), as compared to RMB5.12 for the same period in 2016.
Balance Sheet and Cash Flow
As of September 30, 2017, the
Company had RMB1,220.6 million
(US$183.5 million) in cash and cash
equivalents, compared to RMB1,123.2
million as of December 31,
2016.
Net cash provided by operating activities during the
third quarter of 2017 was RMB157.3
million (US$23.6 million). For
the first nine months of 2017, net cash provided by operating
activities was RMB438.7 million
(US$65.9 million).
Net cash used in investing activities during the third
quarter of 2017 was RMB108.5 million
(US$16.3 million). For the first nine
months of 2017, net cash used in investing activities was
RMB218.9 million (US$32.9 million).
Net cash provided by financing activities during the
third quarter of 2017 was RMB2.6
million (US$0.4 million). For
the first nine months of 2017, net cash used in financing
activities was RMB122.4 million
(US$18.4 million).
BUSINESS OUTLOOK
The Company estimates that its net revenues for the fourth
quarter of 2017 will be in the range of RMB460 million to RMB480
million, an increase of 35.9% to 41.8% compared to
the same period in 2016. This forecast reflects the Company's
current and preliminary view, which is subject to change.
CONFERENCE CALL
Jupai's management will host an earnings conference call on
November 13, 2017 at 7:00 a.m. U.S. Eastern Time (8:00 p.m. Beijing/Hong
Kong time).
Dial-in details for the earnings conference call are as
follows:
U.S./International:
|
+1-866-548-4713 or
+1-323-794-2093
|
Hong Kong:
|
800-961-105 or
+852-3008-1527
|
Mainland
China:
|
400-120-9101 or
800-820-6061
|
Singapore:
|
800-186-5107 or
+65-6320-9025
|
Passcode:
|
1208868
|
Please dial in 10 minutes before the call is scheduled to begin
and provide the passcode to join the call.
A replay of the conference call may be accessed by phone at the
following numbers until November 20,
2017:
U.S./International:
|
+1-719-457-0820
|
Hong Kong:
|
800-901-108
|
Mainland
China:
|
400-120-1651
|
Singapore:
|
800-101-2009
|
Passcode:
|
1208868
|
Additionally, a live and archived webcast will be available at
http://jupai.investorroom.com.
DISCUSSION OF NON-GAAP FINANCIAL MEASURES
In addition to disclosing financial results prepared in
accordance with U.S. GAAP, the Company's earnings release contains
non-GAAP financial measures that exclude the effects of all forms
of share-based compensation and amortization of intangible assets
related to acquisition. The reconciliation of these non-GAAP
financial measures to the nearest GAAP measures as set forth in the
table captioned "Reconciliation of GAAP to Non-GAAP Results"
below.
The non-GAAP financial measures disclosed by the Company should
not be considered a substitute for financial measures prepared in
accordance with U.S. GAAP. The financial results reported in
accordance with U.S. GAAP and reconciliation of GAAP to non-GAAP
results should be carefully evaluated. The non-GAAP financial
measure used by the Company may be prepared differently from, and
therefore may not be comparable to, similarly titled measures used
by other companies.
When evaluating the Company's operating performance in the
periods presented, management reviewed non-GAAP net income results
reflecting adjustments to exclude the impacts of share-based
compensation and amortization of intangible assets related to
acquisition to supplement U.S. GAAP financial data. As such, the
Company believes that the presentation of the non-GAAP net income
attributable to ordinary shareholders, non-GAAP net income
attributable to ordinary shares per diluted ADS and non-GAAP net
margin attributable to ordinary shareholders provides important
supplemental information to investors regarding financial and
business trends relating to the Company's financial condition and
results of operations in a manner consistent with that used by
management. Pursuant to U.S. GAAP, the Company recognized
significant amounts of expenses for the restricted shares and share
options, and amortization of intangible assets related to
acquisition in the periods presented. The Company utilized the
non-GAAP financial results to make financial results comparable
period to period and to better understand its historical business
operations.
ABOUT JUPAI HOLDINGS LIMITED
Jupai Holdings Limited ("Jupai") (NYSE: JP) is a leading
third-party wealth management service provider focusing on
distributing wealth management products and providing quality
product advisory services to high-net-worth individuals in
China. Jupai's comprehensive and
personalized client service and broad range of carefully selected
third-party and self-developed products have made it a trusted
brand among its clients. Jupai maintains extensive and targeted
coverage of China's high-net-worth
population.
For more information, please visit
http://jupai.investorroom.com.
SAFE HARBOR STATEMENT
This announcement contains forward-looking statements. These
statements are made under the "safe harbor" provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
"will," "expects," "anticipates," "future," "intends," "plans,"
"believes," "estimates," "confident" and similar statements. Among
other things, the business outlook and quotations from management
in this announcement, as well as Jupai's strategic and operational
plans, contain forward-looking statements. Jupai may also make
written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission, in its annual
report to shareholders, in press releases and other written
materials and in oral statements made by its officers, directors or
employees to third parties. Statements that are not historical
facts, including statements about Jupai's beliefs and expectations,
are forward-looking statements. Forward-looking statements involve
inherent risks and uncertainties. A number of factors could cause
actual results to differ materially from those contained in any
forward-looking statement, including but not limited to the
following: the goals and strategies of the Company and the
Company's ability to manage its growth and implement its business
strategies; future business development, financial condition and
results of operations of the Company; condition of the wealth
management market in China and
internationally; the demand for and market acceptance of the
products the Company distributes; the Company's ability to maintain
and further grow its active high-net-worth client base and maintain
or increase the amount of investment by clients; developments in
relevant government policies and regulations relating to the
Company's industry and the Company's ability to comply with those
policies and regulations; the Company's ability to attract and
retain quality employees; the Company's ability to adapt to
potential uncertainties in China's
real estate industry and stay abreast of market trends and
technological advances; the results of the Company's investments in
research and development to enhance its product choices and service
offerings; general economic and business conditions in China; the Company's ability to protect its
reputation and enhance its brand recognition. Further information
regarding these and other risks is included in Jupai's filings with
the U.S. Securities and Exchange Commission. All information
provided in this press release and in the attachments is as of the
date of this press release, and Jupai does not undertake any
obligation to update any such information, including
forward-looking statements, as a result of new information, future
events or otherwise, except as required under applicable law.
Contacts:
Jupai Holdings Limited
Harry He
Director of Investor Relations
Jupai Holdings Limited
Phone: +86 (21) 6026 9129
Email: ir@jpinvestment.cn
Philip Lisio
The Foote Group
Phone: +86 (10) 8429 9544
Email: Jupai-IR@thefootegroup.com
-- FINANCIAL AND OPERATIONAL TABLES FOLLOW --
Jupai Holdings
Limited
|
Unaudited
Condensed Consolidated Balance Sheets
|
(In
RMB)
|
|
|
As of
|
|
December 31,
|
|
September 30,
|
|
September 30,
|
|
2016
|
|
2017
|
|
2017
|
|
RMB
|
|
RMB
|
|
USD
|
Assets
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
1,123,166,156
|
|
1,220,577,015
|
|
183,454,378
|
Short-term
investments
|
25,210,000
|
|
151,225,012
|
|
22,729,324
|
Accounts
receivable
|
52,111,944
|
|
77,776,163
|
|
11,689,863
|
Other
receivables
|
71,064,287
|
|
24,803,714
|
|
3,728,032
|
Amounts due from
related parties
|
133,560,483
|
|
215,618,374
|
|
32,407,734
|
Deferred tax
assets - current[5]
|
55,791,373
|
|
-
|
|
-
|
Investments at cost
method - current
|
-
|
|
20,000,000
|
|
3,006,027
|
Other current
assets
|
12,551,186
|
|
15,080,065
|
|
2,266,554
|
Total current
assets
|
1,473,455,429
|
|
1,725,080,343
|
|
259,281,912
|
Investments at cost
method - non-current
|
70,450,000
|
|
50,450,000
|
|
7,582,703
|
Investment in
affiliates
|
85,830,444
|
|
177,916,177
|
|
26,741,042
|
Advanced payment for
acquisition
|
77,560,000
|
|
257,447
|
|
38,695
|
Property and
equipment, net
|
37,199,812
|
|
39,002,655
|
|
5,862,152
|
Intangible
assets
|
83,072,545
|
|
80,057,662
|
|
12,032,775
|
Goodwill
|
277,752,765
|
|
265,733,889
|
|
39,940,164
|
Long-term
prepayment
|
6,261,152
|
|
11,810,709
|
|
1,775,165
|
Other non-current
assets
|
7,977,534
|
|
23,014,809
|
|
3,459,157
|
Deferred tax
assets - non-current
|
8,494,738
|
|
63,097,699
|
|
9,483,670
|
Total
Assets
|
2,128,054,419
|
|
2,436,421,390
|
|
366,197,435
|
|
|
|
|
|
|
Liabilities and
Equity
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accrued payroll and
welfare expenses
|
101,864,007
|
|
103,975,758
|
|
15,627,697
|
Income tax
payable
|
138,131,812
|
|
175,380,391
|
|
26,359,911
|
Other tax
payable
|
58,189,283
|
|
87,840,558
|
|
13,202,555
|
Dividend
payable
|
10,160,503
|
|
-
|
|
-
|
Amounts due to
related parties-current
|
6,118,678
|
|
7,179,063
|
|
1,079,023
|
Deferred revenue from
related parties
|
121,644,250
|
|
149,029,663
|
|
22,399,360
|
Deferred
revenues
|
36,432,195
|
|
29,678,882
|
|
4,460,776
|
Other current
liabilities
|
10,397,008
|
|
12,195,300
|
|
1,832,970
|
Total current
liabilities
|
482,937,736
|
|
565,279,615
|
|
84,962,292
|
Deferred
revenue - non-current from related parties
|
75,413,617
|
|
73,655,744
|
|
11,070,558
|
Deferred
revenue - non-current
|
5,677,905
|
|
9,329,670
|
|
1,402,262
|
Non-current uncertain
tax position liabilities
|
5,938,816
|
|
-
|
|
-
|
Deferred tax
liabilities - non-current
|
9,815,595
|
|
5,941,223
|
|
892,974
|
Total
Liabilities
|
579,783,669
|
|
654,206,252
|
|
98,328,086
|
Equity
|
1,548,270,750
|
|
1,782,215,138
|
|
267,869,349
|
Total Liabilities
and Total Shareholders' Equity
|
2,128,054,419
|
|
2,436,421,390
|
|
366,197,435
|
[5] Jupai
adopted ASU 2015-17 and therefore, deferred tax assets and
liabilities are classified as non-current assets and liabilities
starting 2017. Prior balances were not retrospectively
adjusted.
|
Jupai Holdings
Limited
|
Unaudited
Condensed Consolidated Income Statements
|
(In RMB, except
for ADS data and percentages)
|
|
|
Three months
ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
YoY
|
|
2016
|
|
2017
|
|
2017
|
|
Change %
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
Revenues
|
|
|
|
|
|
|
|
Third party
revenues
|
140,604,586
|
|
106,852,364
|
|
16,060,055
|
|
-24.0%
|
Related party
revenues
|
182,050,798
|
|
335,292,485
|
|
50,394,915
|
|
84.2%
|
Total
revenues
|
322,655,384
|
|
442,144,849
|
|
66,454,970
|
|
37.0%
|
Business taxes and
related surcharges
|
(2,188,327)
|
|
(1,360,338)
|
|
(204,461)
|
|
-37.8%
|
Net
revenues
|
320,467,057
|
|
440,784,511
|
|
66,250,509
|
|
37.5%
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Cost of
revenues
|
(120,279,680)
|
|
(173,668,668)
|
|
(26,102,635)
|
|
44.4%
|
Selling
expenses
|
(68,239,307)
|
|
(74,900,713)
|
|
(11,257,679)
|
|
9.8%
|
General and
administrative expenses
|
(35,675,530)
|
|
(45,871,467)
|
|
(6,894,544)
|
|
28.6%
|
Other operating
income - government subsidies
|
18,769,539
|
|
22,076,600
|
|
3,318,143
|
|
17.6%
|
Total operating cost
and expenses
|
(205,424,978)
|
|
(272,364,248)
|
|
(40,936,715)
|
|
32.6%
|
Income from
operations
|
115,042,079
|
|
168,420,263
|
|
25,313,794
|
|
46.4%
|
|
|
|
|
|
|
|
|
Interest
income
|
619,035
|
|
1,680,560
|
|
252,590
|
|
171.5%
|
Investment
income
|
4,729,880
|
|
3,827,354
|
|
575,256
|
|
-19.1%
|
Net other
loss
|
(29,388)
|
|
(132,902)
|
|
(19,975)
|
|
352.2%
|
Total other
income
|
5,319,527
|
|
5,375,012
|
|
807,871
|
|
1.0%
|
Income before taxes
and income from equity in affiliates
|
120,361,606
|
|
173,795,275
|
|
26,121,665
|
|
44.4%
|
Income tax
expense
|
(32,399,968)
|
|
(47,438,160)
|
|
(7,130,020)
|
|
46.4%
|
Income (loss) from
equity in affiliates
|
(972,580)
|
|
155,211
|
|
23,329
|
|
-116.0%
|
Net
income
|
86,989,058
|
|
126,512,326
|
|
19,014,974
|
|
45.4%
|
Less: Net income
attributable to non-controlling interests
|
(8,146,378)
|
|
(10,853,416)
|
|
(1,631,283)
|
|
33.2%
|
Net income
attributable to ordinary shareholders
|
78,842,680
|
|
115,658,910
|
|
17,383,691
|
|
46.7%
|
|
|
|
|
|
|
|
|
Net income per
ADS:
|
|
|
|
|
|
|
|
Basic
|
2.45
|
|
3.54
|
|
0.53
|
|
44.5%
|
Diluted
|
2.36
|
|
3.39
|
|
0.51
|
|
43.6%
|
Weighted average
number of ADSs used in computation:
|
|
|
|
|
|
|
|
Basic
|
32,206,187
|
|
32,631,080
|
|
32,631,080
|
|
|
Diluted
|
33,417,263
|
|
34,083,757
|
|
34,083,757
|
|
|
Jupai Holdings
Limited
|
Unaudited
Condensed Consolidated Income Statements
|
(In RMB, except
for ADS data and percentages)
|
|
|
Nine months
ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
YoY
|
|
2016
|
|
2017
|
|
2017
|
|
Change %
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
Revenues
|
|
|
|
|
|
|
|
Third party
revenues
|
296,436,511
|
|
390,341,474
|
|
58,668,852
|
|
31.7%
|
Related party
revenues
|
494,809,881
|
|
860,461,812
|
|
129,328,576
|
|
73.9%
|
Total
revenues
|
791,246,392
|
|
1,250,803,286
|
|
187,997,428
|
|
58.1%
|
Business taxes and
related surcharges
|
(2,039,153)
|
|
(4,658,231)
|
|
(700,139)
|
|
128.4%
|
Net
revenues
|
789,207,239
|
|
1,246,145,055
|
|
187,297,289
|
|
57.9%
|
|
|
|
|
|
|
|
|
Operating costs and
expenses:
|
|
|
|
|
|
|
|
Cost of
revenues
|
(331,143,931)
|
|
(470,401,882)
|
|
(70,702,041)
|
|
42.1%
|
Selling
expenses
|
(172,571,637)
|
|
(199,783,565)
|
|
(30,027,740)
|
|
15.8%
|
General and
administrative expenses
|
(106,802,821)
|
|
(143,615,868)
|
|
(21,585,659)
|
|
34.5%
|
Other operating
income - government subsidies
|
22,027,028
|
|
27,417,443
|
|
4,120,879
|
|
24.5%
|
Total operating cost
and expenses
|
(588,491,361)
|
|
(786,383,872)
|
|
(118,194,561)
|
|
33.6%
|
Income from
operations
|
200,715,878
|
|
459,761,183
|
|
69,102,728
|
|
129.1%
|
|
|
|
|
|
|
|
|
Interest
income
|
3,389,286
|
|
10,188,988
|
|
1,531,419
|
|
200.6%
|
Investment
income
|
11,275,816
|
|
8,755,346
|
|
1,315,940
|
|
-22.4%
|
Net other income
(loss)
|
170,989
|
|
(1,870,983)
|
|
(281,211)
|
|
-1194.2%
|
Total other
income
|
14,836,091
|
|
17,073,351
|
|
2,566,148
|
|
15.1%
|
Income before taxes
and income from equity in affiliates
|
215,551,969
|
|
476,834,534
|
|
71,668,876
|
|
121.2%
|
Income tax
expense
|
(56,662,010)
|
|
(121,776,263)
|
|
(18,303,137)
|
|
114.9%
|
Income (loss) from
equity in affiliates
|
(904,981)
|
|
(3,731,860)
|
|
(560,904)
|
|
312.4%
|
Net
income
|
157,984,978
|
|
351,326,411
|
|
52,804,835
|
|
122.4%
|
Less: Net income
attributable to non-controlling interests
|
(12,680,003)
|
|
(32,512,219)
|
|
(4,886,631)
|
|
156.4%
|
Net income
attributable to ordinary shareholders
|
145,304,975
|
|
318,814,192
|
|
47,918,204
|
|
119.4%
|
|
|
|
|
|
|
|
|
Net income per
ADS:
|
|
|
|
|
|
|
|
Basic
|
4.53
|
|
9.83
|
|
1.48
|
|
117.0%
|
Diluted
|
4.35
|
|
9.43
|
|
1.42
|
|
116.8%
|
Weighted average
number of ADSs used in computation:
|
|
|
|
|
|
|
|
Basic
|
32,068,274
|
|
32,435,136
|
|
32,435,136
|
|
|
Diluted
|
33,430,172
|
|
33,819,713
|
|
33,819,713
|
|
|
Jupai Holdings
Limited
|
Unaudited
Condensed Comprehensive Income Statements
|
(In
RMB)
|
|
|
Three months
ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
Change
|
|
2016
|
|
2017
|
|
2017
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
Net
income
|
86,989,058
|
|
126,512,326
|
|
19,014,974
|
|
45.4%
|
Other comprehensive
income (loss), net of tax:
|
|
|
|
|
|
|
|
Change in cumulative
foreign currency translation adjustment
|
10,146,853
|
|
(12,059,498)
|
|
(1,812,559)
|
|
-218.8%
|
Other comprehensive
income (loss)
|
10,146,853
|
|
(12,059,498)
|
|
(1,812,559)
|
|
-218.8%
|
Comprehensive
income
|
97,135,911
|
|
114,452,828
|
|
17,202,415
|
|
17.8%
|
Less: Comprehensive
income attributable to non-controlling interests
|
8,729,244
|
|
10,866,767
|
|
1,633,290
|
|
24.5%
|
Comprehensive
income attributable to ordinary shareholders
|
88,406,667
|
|
103,586,061
|
|
15,569,125
|
|
17.2%
|
Jupai Holdings
Limited
|
Unaudited
Condensed Comprehensive Income Statements
|
(In
RMB)
|
|
|
Nine months
ended
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
Change
|
|
2016
|
|
2017
|
|
2017
|
|
|
|
RMB
|
|
RMB
|
|
USD
|
|
|
Net
income
|
157,984,978
|
|
351,326,411
|
|
52,804,835
|
|
122.4%
|
Other comprehensive
income (loss), net of tax:
|
|
|
|
|
|
|
|
Change in cumulative
foreign currency translation adjustment
|
22,200,346
|
|
(28,285,790)
|
|
(4,251,393)
|
|
-227.4%
|
Other comprehensive
income (loss)
|
22,200,346
|
|
(28,285,790)
|
|
(4,251,393)
|
|
-227.4%
|
Comprehensive
income
|
180,185,324
|
|
323,040,621
|
|
48,553,442
|
|
79.3%
|
Less: Comprehensive
income attributable to non-controlling interests
|
13,262,870
|
|
32,525,570
|
|
4,888,637
|
|
145.2%
|
Comprehensive
income attributable to ordinary shareholders
|
166,922,454
|
|
290,515,051
|
|
43,664,805
|
|
74.0%
|
Jupai Holdings
Limited
|
Reconciliation of
GAAP to Non-GAAP Results
|
(In RMB, except
for ADS data and percentages)
|
|
|
Three months
ended
|
|
|
|
September
30,
|
|
September
30,
|
|
Change
|
|
2016
|
|
2017
|
|
|
|
RMB
|
|
RMB
|
|
|
Net margin
attributable to ordinary shareholders
|
24.6%
|
|
26.2%
|
|
|
Adjusted net margin
attributable to ordinary shareholders (non-GAAP)
|
27.4%
|
|
28.6%
|
|
|
|
|
|
|
|
|
Net income
attributable to ordinary shareholders
|
78,842,680
|
|
115,658,910
|
|
46.7%
|
Adjustment for
share-based compensation
|
5,454,983
|
|
6,782,134
|
|
24.3%
|
Adjustment for
amortization of intangible assets related to acquisition
|
3,589,976
|
|
3,456,344
|
|
-3.7%
|
Adjusted net income
attributable to ordinary shares(non-GAAP)
|
87,887,639
|
|
125,897,388
|
|
43.2%
|
|
|
|
|
|
|
Net income
attributable to ordinary shares per ADS, diluted
|
2.36
|
|
3.39
|
|
43.6%
|
Adjusted net
income attributable to ordinary shares per ADS, diluted
(non-GAAP)
|
2.63
|
|
3.69
|
|
40.3%
|
|
|
|
|
|
|
Weighted average
number of ADSs used in computation:
|
|
|
|
|
|
Diluted
|
33,417,263
|
|
34,083,757
|
|
2.0%
|
Jupai Holdings
Limited
|
Reconciliation of
GAAP to Non-GAAP Results
|
(In RMB, except
for ADS data and percentages)
|
|
|
Nine months
ended
|
|
|
|
September
30,
|
|
September
30,
|
|
Change
|
|
2016
|
|
2017
|
|
|
|
RMB
|
|
RMB
|
|
|
Net margin
attributable to ordinary shareholders
|
18.4%
|
|
25.6%
|
|
|
Adjusted net margin
attributable to ordinary shareholders (non-GAAP)
|
21.7%
|
|
28.3%
|
|
|
|
|
|
|
|
|
Net income
attributable to ordinary shareholders
|
145,304,975
|
|
318,814,192
|
|
119.4%
|
Adjustment for
share-based compensation
|
15,591,240
|
|
23,169,038
|
|
48.6%
|
Adjustment for
amortization of intangible assets related to acquisition
|
10,412,017
|
|
10,583,287
|
|
1.6%
|
Adjusted net income
attributable to ordinary shares(non-GAAP)
|
171,308,232
|
|
352,566,517
|
|
105.8%
|
|
|
|
|
|
|
Net income
attributable to ordinary shares per ADS, diluted
|
4.35
|
|
9.43
|
|
116.8%
|
Adjusted net
income attributable to ordinary shares per ADS, diluted
(non-GAAP)
|
5.12
|
|
10.42
|
|
103.5%
|
|
|
|
|
|
|
Weighted average
number of ADSs used in computation:
|
|
|
|
|
|
Diluted
|
33,430,172
|
|
33,819,713
|
|
1.2%
|
View original
content:http://www.prnewswire.com/news-releases/jupai-reports-third-quarter-2017-results-300554425.html
SOURCE Jupai Holdings Limited